Residential property prices boom in the UAE
The property prices in Dubai and Abu Dhabi residential markets witnessed solid growth in April with a spurt in the apartment and villa rentals on a month-on-month (m-o-m) basis, said a report.
Residential property prices in Dubai housing market performed still well in April registering an increase of 3.33 per cent in April. On the other hand, the prices increased 37.50 per cent year-on-year, according to REIDIN.com, a real estate information company focusing on Emerging Markets.
REIDIN.com said its sales price indices (SPID) have been designed to be a reliable and consistent benchmark of residential property prices in Dubai. The purpose is to measure the average change in house prices in certain districts and communities in Dubai.
The Dubai Residential Property Sales Price Index for all residential increased by 9.2 points, from 277.3 to 286.5, stated the company.
The apartment sales prices in Dubai registered an increase in April with a 3.62 per cent m-o-m and 41.7 per cent y-o-y growth, while the villa sales prices registered an increase on a m-o-m basis in April. The prices increased 2.16 per cent m-o-m and 22.6 per cent y-o-y.
According to REIDIN.com, the residential property prices in Dubai rental market increased by 1.70 points, from 98.50 to 100.20, which represents an increase of 1.73 per cent in April. On the other hand, the rental prices increase 26.2 per cent y-o-y.
The apartment rental prices increased 2.08 per cent m-o-m and 29.5 per cent y-o-y, said the real estate expert. However, the villa rental prices registered a drop in April falling 0.03 per cent m-o-m.
On Abu Dhabi, the company said the emirate's residential property price index for all residentials increased by 0.30 points, from 82.60 to 82,90, which represents an increase of 0.43 per cent in April 2014. On the other hand, prices increased 21.0 per cent y-o-y.
The apartment sales prices registered an increase in April with a 0.67 per cent m-o-m and 23.5 per cent y-o-y growth. However, the villa sales prices witnessed a drop in April. The prices fell 0.42 per cent m-o-m but increased 14.4 per cent y-o-y.
According to REIDIN.com, the residential property prices in Abu Dhabi rental market decreased by 0.40 points, from 64.50 to 64,10, down 0.71 per cent in April. On the other hand, the prices increased 3.4 per cent y-o-y.
The property expert said apartment rental prices decreased 2.63 per cent in April this year compared to March but increased 0.7 per cent compared to last April.
The villa rental prices decreased 0.53 per cent in April 2014 compared to March 2014 but increased 6.3 per cent compared to April 2013, the report added.
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